Dr. Heleen Maes: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Dr. Heleen Maes
Largest movements
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Receivables within one year -€40,370
down €40,370 (-14.1%), from €286,695 to €246,325
of which Other amounts receivable: -€79,387
- Tangible fixed assets -€18,549
down €18,549 (-17.9%), from €103,441 to €84,892
of which Furniture and vehicles: -€19,686
- Cash -€11,274
down €11,274 (-17.3%), from €65,251 to €53,976
mainly Contributions, distributions and other (-€645,076) and Tax, wage and social debts (-€66,460)
- Reserves -€398,337
down €398,337 (-61.8%), from €645,076 to €246,739
- Tax, wage and social debts -€66,460
down €66,460 (-93.7%), from €70,917 to €4,457
of which Taxes: -€62,613
- Other debts +€51,477
new in 2025: €51,477
- Debts after one year -€19,319
down €19,319 (-24.2%), from €79,848 to €60,529
- Gross operating margin +€78,170
up €78,170 (+29.0%), from €269,618 to €347,788
- Depreciation +€17,385
up €17,385 (+324%), from €5,371 to €22,756
- Taxes +€13,959
up €13,959 (+21.4%), from €65,163 to €79,122
- Financial charges +€6,746
up €6,746 (+611%), from €1,104 to €7,850
- Financial income +€5,685
up €5,685 (+182%), from €3,120 to €8,805
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €819,440 | €390,951 | -€428,489 | -52.3% |
| Formation expenses | 20 | €387 | €194 | -€194 | -50.0% |
| Fixed assets | 21/28 | €103,441 | €84,892 | -€18,549 | -17.9% |
| Tangible fixed assets | 22/27 | €103,441 | €84,892 | -€18,549 | -17.9% |
| Land and buildings | 22 | - | €1,442 | +€1,442 | |
| Plant, machinery and equipment | 23 | €2,268 | €1,962 | -€306 | -13.5% |
| Furniture and vehicles | 24 | €101,173 | €81,488 | -€19,686 | -19.5% |
| Current assets | 29/58 | €715,611 | €305,865 | -€409,746 | -57.3% |
| Amounts receivable within one year | 40/41 | €286,695 | €246,325 | -€40,370 | -14.1% |
| Trade receivables | 40 | €207,308 | €246,325 | +€39,017 | +18.8% |
| Other amounts receivable | 41 | €79,387 | - | -€79,387 | |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €65,251 | €53,976 | -€11,274 | -17.3% |
| Deferred charges and accrued income | 490/1 | €13,665 | €5,564 | -€8,102 | -59.3% |
| Total equity and liabilities | 10/49 | €819,440 | €390,951 | -€428,489 | -52.3% |
| Equity | 10/15 | €646,076 | €247,739 | -€398,337 | -61.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €645,076 | €246,739 | -€398,337 | -61.8% |
| Distributable reserves | 133 | €645,076 | €246,739 | -€398,337 | -61.8% |
| Amounts payable | 17/49 | €173,364 | €143,211 | -€30,152 | -17.4% |
| Amounts payable after more than one year | 17 | €79,848 | €60,529 | -€19,319 | -24.2% |
| Financial debts | 170/4 | €79,848 | €60,529 | -€19,319 | -24.2% |
| Amounts payable within one year | 42/48 | €92,307 | €77,972 | -€14,335 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €18,630 | €19,319 | +€690 | +3.7% |
| Trade debts | 44 | €2,761 | €2,719 | -€42 | -1.5% |
| Suppliers | 440/4 | €2,761 | €2,719 | -€42 | -1.5% |
| Taxes, remuneration and social security | 45 | €70,917 | €4,457 | -€66,460 | -93.7% |
| Taxes | 450/3 | €67,070 | €4,457 | -€62,613 | -93.4% |
| Remuneration and social security | 454/9 | €3,847 | - | -€3,847 | |
| Other amounts payable | 47/48 | - | €51,477 | +€51,477 | |
| Accrued charges and deferred income | 492/3 | €1,208 | €4,710 | +€3,502 | +290% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,371 | €22,756 | +€17,385 | +324% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €269,618 | €347,788 | +€78,170 | +29.0% |
| Operating profit (loss) | 9901 | €264,132 | €324,906 | +€60,774 | +23.0% |
| Financial income | 75/76B | €3,120 | €8,805 | +€5,685 | +182% |
| Recurring financial income | 75 | €3,120 | €8,805 | +€5,685 | +182% |
| Financial charges | 65/66B | €1,104 | €7,850 | +€6,746 | +611% |
| Recurring financial charges | 65 | €1,104 | €7,850 | +€6,746 | +611% |
| Profit (loss) for the period before taxes | 9903 | €266,148 | €325,861 | +€59,714 | +22.4% |
| Income taxes | 67/77 | €65,163 | €79,122 | +€13,959 | +21.4% |
| Profit (loss) for the period | 9904 | €200,985 | €246,739 | +€45,755 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €200,985 | €246,739 | +€45,755 | +22.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.